Charfty Re8iStrntion No. 1197950 BH TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 BUSINESS ADVISORS 6th Floor Kings House 9-10 Haymarket London United Kingdom SWIY 46P BH TRUST Col￿rENTs Page Company information Trustees, report Independent examiner's report Statement of financlal athvitles Statement of linancial position Notes to the financlal statements 7-12 BH TRusr IEGALAND ADMINISTRATIVE INFORMATION Trustees J Lingwood J Hamlyn J Goodman Charity number 1197950 Regl$lered offi Landseer Studlos IOA Cunnin8ham Place London NW8 8JT Independent examlhèr Robert Keen TC Group 6th Floor King's House 9-10 Haymarket London SWIY 48P Inv05tment Advlsors Rathbones Investment Management Limited Port of Llverpool Building Pier Head verpool L3 INW BH TRUST TRUSTEES. REPORT FOR THE YEAR ENDED SAPRIL 2024 The trustees present thelr report together wf(h the financial statements for The BH Trust for theyear ended 5 April 2024. The financial statements have been prepared in accordance with the accounJng policies sèt out in note I to the financial ststements and comply wlth the charity's trust deed. the Charities Act 2011 and "kcounfjr)g and Reporting by Charitie5- Statement of Recommendèd Practice applicable to chariknes preparing their flnancial statements In accordance wrth the Financlal Reportrn8 Standard applicable the UK and Rèpublic of Ireland IFRS1021" leffective l January 20191. Strurture* governath¢e and management The Trust 15 8overned by a Trust deed and wa5 registered as a charity by the Charity Commission for England and Wales on 17 February 2022. CIO number 119750. The Trust Was established by an initial gift from Jane Hamlyn in 2022. Jane Homlyn is the flrst member of the charrty and serves as Chairper50n of the Board of Trustees. There are two addltional trustees. Jonathan Goodman and James Llngwood. Rlsk mana8em•nt The Trustees have assessed the risks to which thè charity Is exposed, in partic(rlar those relatlng to its finances and the operations of the organisations to which it makes grants. The Trustee5 believe that by ensutlng contro15 exist ovér its investments and through operating a prudent level of grant-makin& there are no signlfS¢ant risks. Objertl¥es and artl%ryties The objective of the Trust are to fijrther such charttable purposes and to benefit such charitsble athvities as the trustees think fit. Grant-makln8 Policy At the annual tnJstee5' meetbng, the trustees agree on the amount the Trust will grant to organis*ons over the ming year, and the organlsatrons who will receive these grants. The adminlstrayon of grants Is 0￿￿seen by James Lln8wood on beha￿Of the Trustees. Grants are made to Or￿nIsatIOnS nomin&ed by the trustees. The Trust 15 not open to unsollcited applitations. In the year ended April S 2024, the Trust made grants to the followlng organi5ailons,' Bold Téndencies CIC, London; Camden Art Centre. London; The Fruitmarket Gallery, Edlnburgh,. Thè Showroom Gallery, London- Brrdewell Organic Gardens and The Restsrt Project. In review¢ng our activities for the year and our plans for the future, we have had regard to the (harity Commission s general guidance on public benefit. Flnanclal revléw The Trust is reliant on the income from Its investments managed by Rathbones. The totsl income in the year endln8 5 April 2024 was £41,94712023 . £1,507,2951. The balance sheet shows totsl funds of £1.582,70612023- £1,507,824). Investment pollcv The Trust's investment strdteBy is to continue with the Investments gifted by Jane Hamlyn. The obpctlve is to maximi5e total retum by investing In a medium to low risk portlollo. There are no restrictr'ons on the ¢harity's power to invest. 11 TRUST TRUSTEE9 PEPORT IWMfiNUEDI Re5•rv4 pdlty All tund5 hfld bythe ch¥dvw¢ whrestrKred. Jrrfl w dpsigne¢l tsspeclic The db3rity &D[￿l￿rts to a TZW ol charkleson an anr•LMI ba51$ ar￿ the trusr•¢s hwe in*L*ed to some of ilieJe tll8wiiiL￿ irrtéftiton lorna￿ dortknort It 4 $imilar level lor Ikt T￿ Iwoye#r& 7ht ir¥a¢¢S' policy is to mbts•8e stscl) • ¥¥•y ab wU￿l kl rwad and lo Mai￿aIn rtsewe5 wffifipni ttb lurthpr t(J be lyle t￿￿h tht¥ I￿1 né8jVilb8. Plats hYrt￿lul￿1è Th¢ F4ans lor 2024125 aT¢: 70 C￿nuel0 supportirts th*rkn45 in the UK IOSUPPt￿i1l•rfile$ in the VK tluialknte po¥env ' ¢r￿AL￿$ in dryrirf thtyear folk•prt: J Ll￿wO0d J Hafft￿n J GDodrna The Tru51¢e5" reportW45 3PPtovpd by the BDartl of Trustees. Yiwstet Dated= 28 January 21125 8H TRllSr IIIDEPENoÉpif EXAMINERS REPOAT TO THETRUSTEES OF 811TRUST I report to the trustees examlnafjon of thè finan¢val ststements of 8H Trust (the charltyl forthe year ended S Aprl 2024. Hesp￿Ibl1IUQ5 and ba￿$ of rnport As the trustees of the Charity you are responslble for the preparaoon ot the finandal thterf*nts On accordance wtth the requirements of the Charilies Art 2011 (the 2011 Art). I report In mspect t)f my ÉYarnln*Son ot the charfty's finandal ststements ¢arrled out under seoion 145 of the 2011 Act. In caryylng out rny examlnatlon I have followed al the applicable Dlrèthtsns glven by the Chartty Commhsion under sectkjn 145(511bl of the 2011 Art. Independ•nl •x¥mlrnrfsststemert I have ¢tsmpleted my wmlnation. I confirm that no matters have come to my attentlon In cormthon wth the amlnatlon me causè to belie¥e that In any matsrfal respect: ac¢ountin8 records were not kept In respect ofthe charlty as rèqulred by Settlon 130of the 2011Act; or the frnanclal statÈmÈnts do not accord vAth those re¢ord5: or 3 the financlal statements do not compty wlth the appltible requlrements conornlnE the 1¢4m and content of atttwnts set out in the Charities (Accounts and Report5) Regulallons 2CQ8 other than 8ny requirementth* the accounts 8lve a true and farr view whkh 15 nol a matter consldered as part of an independent examlnatlon. I have no concerns and have come acTOSS other Matte￿ In connectlon wlth the examonafjon to *hth attenllon Should ￿ drawn In this rewt In order to enable a proppff understandln8 Ot the financlal statsmerrtS to be reathed. Robert Keén FCCA 6th Floor Kin¢s House 9-10 Haymarket London SWIY 48P 2810112025 BH TRusr STATEMENT OF FINANCIALAcfiviTIES INCLUDING INCOME AND EXPENDITURE Accouwr FOR nlE YEAR ENDED 5APRIL 2024 Unrestrlctèd funds 2024 Total 2023 14otes Donatr"ons Investments 7,700 1,485.900 34.247 21.395 Totsl income 41,947 1,507.295 Charitable attivities 45,703 68.656 Totsl th?rltable expenditure 45.703 68,656 Netgains on investments 78,638 69,185 Net In¢ome for the yearl Net Incomin8 res(wJr￿s 74,882 1,507,824 Fund balances at 6 April 2023 1.507,824 Fund balances at S April 2024 1.582,706 1,507A24 The statement of financlal activities includes all galns and losses recognised in the year. All income and expendwture derive from continuing a¢tivltle5. BM TRUST SrAIEPAENT OFHNAiiaAL POSrnON ASAT5APM 2924 Flxed ksets Investn￿nts L5S9,(b8 1.515.S24 Cwrentasset C•sh at banl im han 43W8 roditorg". wnouthos Tmlthkn ye¥ 119.4(Ql (B.IJODI Nei ¢llfreTht asseis1(knbilitse5Tr 23.648 I8.0￿￿ Towl ￿sets1￿5 liabffties L581706 1.507A24 UnfestricledfuThds-s¢rbP￿l IW.7C6 .507,124 I￿￿2,706 1,507.824 The lin•n<.ihl %tatemwfft. werp approv•d hy ihe Tn￿¢*5 on 28January 2025 Trus BH TRusr NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EhlDE0 5APRIL 2024 ACco￿ting pollcles Charity Informatlon BH Trust 15 a Charitsble Incorporated Organlsayon registered in England and Wales. The re8istered address is Land5eei Studios, IOA Cunningham Placè, London, NWB BJT. Detslls of the principal activity are recorded in the Trustee5 Report. 1.1 A¢¢ountins convenyon The financial statements have been prepared In accordance wlth the chartty's constituilon, the Chwitses Art 2011 and "Accountt"ng and Repordng by Charities- Statement Of Recommended Prartice applicable to charities preparing thelr accounts in accordance with the Financial ReporknnB Staftdard appllcable In the UK and Republit of Ireland IFRS 1021" leffective l January 20191. Thè ¢harity is a Publlc Benefit Enfjty as defined by FRS 102. The charity hès taken advantage of the Provisions In the SORP for Charl￿e$ applying FRS 102 Update Bulletin I not to prepare a Ststement of Cash Flows. The th'nancial statements are prepared In sterlin& which is the functional currency of the charfty. Monetsry amounts in these financial statements a￿ rounded to the nèarèst £. The financial statements have been prepared under the historical cost convendon. The prindpal aLtounting policies adopted a￿ set out below. 1.2 6oln¥ ¢onc•rn At the tirne of approving the financial Statements. the trustees have a reasonable expertation that the chaiity ha5 adequate rèsources to contrnue In operational exlstènce for the foreseeable future. Thus the trustees Con￿nUe to adopt the going concern basis of accountin8 in preparing the financial ststements. 1.3 Charltable funds Unrestricted fund5 are available for use at the discretion of the trustees In furtherance of their charitable objectlves. 1.4 IncomlnB resources In¢ome is ￿cOgnised when the charlty is legally entitled to it after any performance conditions tr£ve been met, the amounts can be measured reliably, and it is probable that income will be received. Income Is derived from donations and investment income. Cash donation5 are recognlsed on receipt. Other donaJon5 are recognised once the charity has been nO￿fied of the donation, unle55 performance conditions requlrè deferral of the amount. Income tsx coverable In relatron to donakn'ons received under Gift Aid or deed5 Of covenant is reco8nlsed at the Jme of the donation. Interest and dlvldend income is included when receivable by the CharTrtsble Incorporated Organisation. BH TRusr NOTES TO THE FINANCIAL sfA7EMENTS {CONTINUEDI FOR THE YEAR ENDED SAPRIL2024 Actountin8 pollties (Continued) 1.5 Resources expended Expenditure is reco8ni5ed once the￿ is a legal or constructtve obligation to transfer eronomlc benefft to third party, ￿ is probable that 3 transfer of economit benefits will be required in settlement, and the amount of the obligation and be measured reliably. Resources expended are recognlsed in the perlod in whlch they are incurred and accounted for on an accrua15 basis. Governance costs are those incurred in connection with adminIstra￿On of the charity and compllano with Constitutional and statutory requirements, includin8 legal. audit fees and the costs of board meetiw. Where possible cost5 a￿ allocated directly to the actlvities to which they relate. SLtpport costsare allocated between charitable activlties based on the apporknonment of direct costs. Grant expenditure Is ￿Colni5ed when commltted. 1.6 Flxed asset Investments Fixed a55et Investments are Inifjally measured at transaction price excluding transacbon cosrs, and are subsèquently measured at fair value at ea¢h reporknnB date. Changes in fair value are reco8nised in ntt Income/lexpenditurel for the year. Transattion costs are èxpensed as incurred. 1.7 Cash and cash equlvalents Cèsh and cash èquivalents include cash In hand, deposlts held at ¢311 with banks, other short-term liqu5d investments with origlnal maturi￿eS of three month5 or less. and bank overdrafts. Bank overdraft5 are shown wfthin borrowings in cur￿nt liobilities. 1.8 Flnancial instrum*ntS The charity has èlerted to apply the provisions of Section 11 'Basit Flnanclal Instrumentg. Flnancial instruments are recognised In the charity's balance sheet when the charity becomes party to the ontractual provisions of the instrument. Financial assets and liabilities arè offset, wlth the net amounts presented in the fi'nancial 5tstements, when therè is a legally Ènforceable rlght to set off the recognlsed amounts and there is an intention tosettle on a net basis or to realise the asset and settlethe liability simultaneously. Basicfinunclal ussets Basic financial assets, which Include debtors and cash and bank balances, are initially measured transaction price including transartion costs and are subsequently Car￿ed at amorti5ed cost Usin8 the effethve interest method unless the arrangemènt constt"tutès a financing transaction. where the transaction 15 measured ar the present value of the future receipt5 discounted at a market rate of interest. Financial assets classified as receivable wrthrn one year are not amortised. BH TRUST NOTESTO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED5 APRIL 2024 Accountin8 pollcles Iconllnueill 8u5kfinonclulllabllldes 33si¢ financial Ilabilities, includin8 creditors and bank loans are initsally recognlsed at transath.on price unless the arrangemènt constitute5 a financing transaction, where the debt instrument is measurèd at the present value of the future payments discounted at a market rate of interest. Financial liabilitie5 classified a5 payable within one year are ncst amortised. Debt Instruments are subsequently carried at am0￿Sed COSL using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordln*y course of operations from suppliers. Amounts payable are classrfied as current liabilitiÈs if payment 15 due within one year or less. If not. they are presentèd as noTrcurrent liabilities. Trade creditors are recognised Initially at transaction price and subsequently measured at amorknsed cost usin8 the effecttve interest method. Derecognftlon oAfinancltsllio￿IilIe5 Financial liabillties are derecognlsed when the charltls contractual obli8attons expire or are dlscharged or Cancelled. Donatlons Unrestrfctsd funds generdl 2024 Total 2023 Donations and gifts 7,7CQ 1,485,9¢XJ InNtStrnents Unrn#ricted funds Total g•nerdl 2024 2023 Dividend Income from listed Investments Interest receivable from listed investments 19,476 14.771 13,704 7.691 34,247 21,395 am TRLisr NOTE5 TO THE FINA14CIAL sfATEMENTS IcowfiNUEDI FOR THE YEAR EAIDED 5APRIL 2024 CharFtsble artivities Charitable Charltabl* Expenditure Expendlture 2024 2023 Grant funding of activittes Isee hote 51 Share of sUPPOrt costs Isee notè 61 25,000 20,703 18,656 45.703 68,656 Grants payable Charitsble Charttsble EXpendI￿re Expenditure 2024 2023 Grants to tnstitutlons16 grantsl.. The Trussell Trust Bold Tendtn¢ies- CIC Camden Art Centre The Fruitmarket Gallery Gerry's Pompeii CIO The Showroom Gallery ￿m￿ed Southwark Day Centre for Asylum Sèekers Bridwell Organlc Gardens Thè Rèstart Project 20,000 5,0(￿1 5,000 5,000 5,000 5.000 2,5{￿* 2,51)) 5,IX)O 2,500 2,500 25,(KJO 50.OCQ Support costs SLWPOrt 2024 2023 Accounts and audit fees Le8al and professional Investment management fèes 11,400 12,2431 11.546 11,4C 12,2431 11.546 8.OCK) 2,718 7,938 20,703 20,703 18,656 Analysed between Charitable activiti.es 20,703 20,703 18.656 10- 8H TRUST NOTESTO THE RNANCIAI sfATEMENTS {CONT114UED) FOR THE YEAR ENOED SAPRIL 2024 Trustee5 None of the trustees lor any persons connertèd wtth them) recefved any reMunera￿on or benefits fL)m the charity during the year. During the period expenses were reimbursed to the Trustees amountlng to £nil in respect of travellng, subsistence and other expènses. Employees There were no employees during the current or prior period. Net gainslllossesl on in￿stMents Unrestrlcted lunds 8enewal 2024 Totsl 2023 Revaluation of investments Gainlllossl on sale of imiestments 46.231 32,407 61.378 7R07 78,638 69,185 10 Flxed a55et investments Ilsted Investments Cash In portfollo Totsl Cost or ¥aluatlon At 6 April 2023 Additions Valualion changes Cash In porttolio Disposa15 1,298,837 1,099,417 46,231 216,987 1,515,824 1,099,417 46.231 1205,5141 1896,9001 1205,5141 1896,9001 At 5 April 2024 1,547.585 11,473 1,559,058 Carrying amount At 05 April 2024 1,547,585 11,473 1.559,058 At 05 April 2023 1,298.837 216.987 1,515,824 11 BH TRusr N(ItES TO ThE FINANCIAL STATEMENTS ICOTrrnNUED) FOR THE YEAR EPIDED 5APRIL 2024 11 Creditor5: amounts fallln8 due vAthln one year 2024 2023 Trade creditors Accruals 10,200 9,200 8.000 19,400 8.OC() 12 Related party traThsathons Transa¢tion5 wlth related parkne5 During the period the Charitable Incorporated Organisation recÈOved income donations of £nil 12023 £1.485,9001 from J Hamlyn. a trustee of BH Trust. 12-